• Damola Adamolekun, CEO of Red Lobster, shares three books that influenced his career in 2024.
• Adamolekun was formerly CEO of P.F. Changs, which he helped generate $1 billion in revenue a year.
• He describes "Meditations" by Marcus Aurelius as a timeless guide to leading.

At 35, Damola Adamolekun is the youngest CEO of Red Lobster of all time. The former Goldman Sachs investment banker and Harvard Business School alum was appointed CEO in August, just months after the seafood chain filed for bankruptcy.

Investors are likely hoping Adamolekun will recreate the restaurant resurgence he accomplished during his tenure as CEO of P.F. Changs from 2019 to 2023, during which he helped the struggling chain generate an estimated $1 billion in revenue a year.

The Nigerian-American businessman shared with Business Insider the three books that helped him navigate his career in 2024.

Business Insider: What three books have shaped your career and leadership this year?

1. "Unreasonable Hospitality" by Will Guidara

Damola Adamolekun: "Unreasonable Hospitality" by Will Guidara is a masterclass in creating memorable experiences through relentless care and attention to detail.

Guidara's approach to hospitality isn't just about service — it's about going above and beyond to make people feel valued. The idea of "over-delivering" resonated deeply with me, reminding me that exceptional hospitality, like exceptional leadership, often lies in the thoughtful, unexpected gestures that leave a lasting impact.

Whether in a restaurant or the boardroom, this book is a compelling reminder that relationships and culture are built on doing the little things with great intention.

2. "Meditations" by Marcus Aurelius

"Meditations" by Marcus Aurelius is a timeless guide to leading with wisdom, resilience, and humility.

Marcus's reflections on discipline and self-mastery have shaped how I approach challenges — focusing on what I can control and letting go of what I can't. His emphasis on serving the greater good is a powerful reminder that leadership is ultimately about responsibility, not power.

This book's enduring relevance lies in its ability to ground leaders in principles that foster clarity and purpose, even amid chaos.

3. "The Winner Within: A Life Plan for Team Players" by Pat Riley

"The Winner Within: A Life Plan for Team Players" by Pat Riley is a motivational book that shares leadership lessons and teamwork strategies, using stories from his NBA coaching career to inspire individuals and organizations to achieve success through unity, resilience, and continuous improvement.

As a former college athlete at Brown University, this book's story of perseverance, adaptability, and ambition echoes the mantra that I've carried from the football field into the boardroom as a CEO.

This story is part of an end-of-year reading list series that seeks to highlight the best books influential CEOs and business leaders read in 2024.

• Mark Cuban tried to invest in Musical.ly, the platform that would become TikTok.
• Cuban says the platform lost its spark, becoming "corporate."
• In an interview, Cuban said focusing on monetization often harms the user experience.

Mark Cuban tried to invest in TikTok's precursor years ago, but said the company turned him down.

Cuban told content creator and journalist Jules Terpak in an interview on her YouTube channel that he enjoyed using TikTok when it was called Musical.ly.

The platform rebranded to TikTok in 2017 when it was acquired by its current owners, ByteDance.

"I loved it because I could just turn it on and there would be 15,000 people live immediately that I could talk to," Cuban said of Musical.ly.

"It was insane. I loved it. And then, as it got into the dances and everything, it was fun."

Cuban told CNBC he tried to invest in Musical.ly but was unsuccessful because the company wasn't looking to raise more funds at the time.

Cuban told Terpak he thinks TikTok is less fun than it used to be and "more corporate."

He said that the dance-focused version of the app was losing billions of dollars, "and so at some point, they had to start trying to make some money."

"I liked it better when it was dances and music," Cuban said. "Now it's a business."

Cuban said TikTok's early beauty was that its algorithm served users with more of what they liked than any other platform.

"Now it's corporate," he said. "It's how many followers can you get and how can you engage those followers."

There's "a diminishing return" for users when platforms monetize, Cuban said, driven by business realities.

"At some point, if you're there to make money, you have to figure out how to make money," he said.

Cuban's thoughts hit on an increasing frustration many users have with TikTok, where they are flooded with ads and many see the platform as a pseudo-shopping channel.

Cuban has a TikTok account himself, where he has 1.1 million followers — though he doesn't post often.

In 2023, he faced some backlash for a "tip of the day" on making money, in which he told people to cut back on extra lattes and streaming services.

"You want to put that in a money market account earning five, maybe more, percent and watch that sucker grow," he said. "That'll make you feel a whole lot better than that extra latte that you had that day."

Some criticized the advice for being unrealistic and out of touch with the majority of people.

Cuban didn't address the critics, only posting another tip of the day to "be nice" and "smile."

According to Bloomberg, Cuban has a net worth of around $8 billion. In 1990, he sold his first tech company, MicroSolutions, for $6 million and went on to invest in several successful businesses through "Shark Tank."

In October, Cuban announced he would be leaving "Shark Tank" after its 16th season to spend more time with his kids.

• Startups and automakers are racing to build EV batteries that can charge in five minutes or less.
• Ultrafast batteries would solve one of the biggest issues customers have with EVs — charging times.
• Analysts say China's dominance in the battery industry means it is winning the race for five-minute charging.

Lengthy charging times are holding back the EV revolution, but that might be about to change.

Charging is frequently cited as one of the main reasons drivers are reluctant to go electric, with charging times in the US ranging from 20 minutes to 50 hours — far longer than it takes to simply fill up with gas.

But automakers and startups across the globe are now racing to build EV batteries that can charge in under 10 or even 5 minutes.

"It will change the entire customer experience," Ramesh Narasimhan, executive vice president at battery startup Nyobolt, told Business Insider.

"Charging would go from being an annoyance and requiring a downtime of 40 minutes to an hour, to having the same experience as what you have today in a fuelling situation," he added.

Developments over the past year suggest that dream is getting closer.

In August, Chinese Tesla rival Zeekr unveiled new batteries for its 007 sedan which it said were the world's fastest charging, able to charge from 10-80% in a little over 10 minutes.

Chinese battery giant CATL, meanwhile, unveiled its Shenxing Plus battery in April, which it said could provide 600km of range after 10 minutes of charging.

Rory McNulty, a product director at Benchmark Mineral Intelligence, told BI that advances in battery chemistry and software design had allowed manufacturers like CATL to optimize their batteries for faster charging without damaging them.

He added that new battery designs, such as silicon-based and solid-state batteries, which are expected to hit the market in the next few years, will accelerate the move toward faster charging.

"We're on the cusp of introducing new materials, which intrinsically should charge quicker," McNulty said.

Nyobolt demoed its battery technology in a prototype EV in June. The battery successfully charged from 10% to 80% in four minutes and 37 seconds, achieving a range of 120 miles after four minutes.

The UK-based startup is in talks with eight companies about incorporating its technology into high-performance EVs, and Narasimhan said he hoped to see them in passenger cars by the end of the decade.

Fully charged

Rolling out ultrafast-charging EV batteries will not be without challenges.

Narasimhan told BI that automakers face a dilemma between building EVs with large batteries that can travel huge distances, or prioritizing smaller fast-charging batteries with less range.

"Carmakers are still struggling between fast charge versus energy density and having an oversized battery that can go a thousand miles," he said.

Narasimhan added that, as batteries are by far the most expensive part of an EV, smaller batteries would mean cheaper vehicles — the lack of which is another factor that has put off some consumers from going electric.

The other major hurdle is charging infrastructure. Batteries that can charge in 5-10 minutes require high-powered 350kw electric vehicle chargers to hit maximum charging speeds.

There are currently around 30,000 charging ports with a maximum output of 350kw or more in the US, according to Department of Energy statistics.

A study from the National Renewable Energy Laboratory released last year estimated the number of fast chargers will need to grow to around 182,000 by 2030 to support EV demand.

"Charging infrastructure is the next frontier," said McNulty.

"You can have the best battery in the world, it can charge in five minutes, but if your charging port or charging infrastructure doesn't have the capability to match that, then you're always going to be limited," he added.

China races ahead

One thing is almost certain: the first widespread ultrafast-charging EV batteries will likely be Chinese.

China dominates the global battery industry, with the likes of CATL, BYD, and Zeekr leading the way in building EV batteries with longer ranges and faster charging times.

"China's battery industry is 10 years ahead of its Western rivals. They built a whole infrastructure around batteries which is nigh-on impossible to replicate," Andy Palmer, a former Aston Martin and Nissan executive, often called "The Godfather of EVs," told Business Insider.

Much of China's success in battery manufacturing comes from its long-running industrial strategy, which has seen the government heavily subsidize local manufacturers over the past decade.

As a result, the East Asian superpower now has a stranglehold over the global battery supply chain. McNulty estimates that China dominates 95% of the global market for graphite, a key mineral for EV batteries.

China also has the advantage of scale. The Chinese market accounted for 60% of global EV registrations in 2023, per the IEA, and the country has rapidly built up its charging infrastructure to keep up with demand.

"The charging infrastructure bottlenecks that were a problem a couple of years ago are not anymore. You have fast chargers everywhere. I have probably 10 of them just around where I live," Cosimo Ries, a Shanghai-based analyst for Trivium China, told BI.

Ries added that the brutal competition in China's EV market was putting pressure on automakers to cut charging times and roll out fast-charging models at lower price points.

"The competition is so fierce; if you don't come up with faster charging batteries at cheaper prices, you're just not going to survive," Ries said.

"We're starting to see fast-charging move toward the kind of mid-tier or even lower-end segment of the markets. I think we're probably much closer to five-minute charging than previously expected, at least in China," he added.

Israeli and U.S. officials involved in the negotiations for a Gaza hostage and ceasefire deal tell Axios they are concerned that the odds of an agreement before President Trump takes office are slim.

Why it matters: Trump threatened that there would be "hell to pay in the Middle East" if Hamas did not release the hostages held in Gaza by Jan. 20. President Biden also made mediating a deal a top priority for his final months in office.

Between the lines: It isn't clear what Trump meant by "hell to pay." A source close to the president-elect said there is no plan for what to do if Trump's deadline is crossed.

• Some Israeli officials think that if a deal isn't struck, the incoming president could support Israeli measures that the Biden administration opposed, like limiting humanitarian aid for Palestinians in Gaza.
• U.S. and Israeli officials say Hamas' top military leader in Gaza — Mohammed Sinwar, the brother of slain Hamas leader Yahya Sinwar — doesn't seem to be deterred by Trump's threat.
• However one U.S. source with direct knowledge of the talks said there is still a likelihood of a deal in the next three weeks.

Threat level: U.S. and Israeli officials say that if negotiations don't bear fruit by Jan. 20, the transition to Trump would likely push talks back, possibly by several months. That could cost the lives of more hostages.

• 100 hostages are still held by Hamas in Gaza, among them seven Americans. Roughly half of the hostages are believed to be still alive, according to Israeli intelligence, including three Americans.

Driving the news: Israeli negotiators returned from Doha earlier this week after eight days of talks mediated by Qatar and Egypt didn't lead to a breakthrough.

• CIA director Bill Burns and White House Middle East adviser Brett McGurk, who were also in Doha for several days last week, returned to Washington skeptical about the chances of reaching a deal before Jan. 20.
• On Wednesday, Israel and Hamas traded accusations about who bears responsibility for the lack of progress.
• Hamas claimed that while it negotiated seriously, Israel presented unacceptable new demands.
• Israeli Prime Minister Benjamin Netanyahu contended Hamas was lying and was in fact "reneging on understandings that have already been reached."

State of play: Israeli officials with direct knowledge of the talks said both sides are right.

• While some progress was made in Doha last week, fundamental issues are unresolved, such as whether any deal would involve an end to the war and an Israeli withdrawal from Gaza.
• One Israeli official said the negotiations did not explode but are stuck, with both parties wanting to break the logjam but unwilling to make major concessions.

Behind the scenes: Netanyahu argued in meetings on Wednesday after the Israeli delegation returned from Doha that it is not clear with whom Israel is negotiating — Sinwar in Gaza, or the more pragmatic political representatives in Doha.

• "We don't know who really calls the shots," Netanyahu said, according to a person who attended one of those meetings.
• That source said Netanyahu emphasized that Sinwar refuses to provide the names of the hostages who are still alive and could be released in the first phase of the deal. That phase would cover women, men over 50, and others who are in bad medical condition.
• "I am not willing to enter into a deal without knowing what the deal is about and what I am getting," Netanyahu said, according to the source.

The other side: A Hamas official quoted by the Qatari website al-Araby al-Jadeed said Hamas is willing to provide a list of hostages but has struggled to contact all the different factions in Gaza who are holding them.

• The Hamas official stressed that would become easier once a ceasefire was in place, and denied any gaps exist between Hamas' military and political wings.

What's next: An Israeli official said that Netanyahu will consult with his negotiating team over the next few days about the path forward.

The original Popeye and Tintin characters will enter the public domain when their copyright expires next week, along with thousands of other comics, books, songs and films.

Why it matters: Any creator will have the legal right to use the iconic characters in new works as they see fit from New Year's Day, as long as it's the 95-year-old comic-strip versions. Filmmakers are already working on three Popeye horror movies.

The big picture: In addition to copyrighted works from 1929 entering the U.S. public domain, Jennifer Jenkins, director of Duke's Center for the Study of the Public Domain, writes that intellectual property protection will also expire on sound recordings from 1924 on Jan. 1, 2025.

• That applies to "The Karnival Kid," in which Mickey Mouse speaks for the first time. Copyrights on the original versions of Mickey and Minnie Mouse in the silent film "Steamboat Willie" expired this year.
• Mickey debuts his familiar white gloves and speaks his first words in "The Karnival Kid," "Hot dogs! Hot dogs!" Jenkins notes in her online post.

What else we're watching: The Marx Brothers' first feature film will enter the public domain as will Alfred Hitchcock's first sound movie, "Blackmail."

• In song, the copyrights will lift on George Gershwin's "An American in Paris" and Arthur Freed's "Singin' in the Rain."
• Books to enter the public domain will include Ernest Hemingway's "A Farewell to Arms" and Virginia Woolf's "A Room of One's Own."

Fun fact: The character Buck Rogers "first appeared in 1929 and is public domain in 2025, but technically the futuristic space hero has already been copyright-free for decades, despite claims that he was still copyrighted," Jenkins writes.

• "This is because the copyright registration for the Buck Rogers comic strip was not renewed, so that its copyright expired after 28 years. Also, the original version of the character was actually introduced in a novella as 'Anthony Rogers' in 1928; that character has long been public domain as well."

Go deeper: Mickey and Minnie Mouse lose copyright protection

The list of food recalls is growing as the end of the year approaches.

Why it matters: The Centers for Disease Control and Prevention estimates nearly 48 million people a year are sickened by foodborne diseases, an average of 91 people every minute. `

Driving the news: The FDA recently reclassified its recall of some Costco eggs (due to possible salmonella exposure) to the agency's highest risk level.

• The FDA announced at the end of November that New York-Handsome Brook Farms had voluntarily recalled its 24-count organic, pasture-raised eggs.
• In a notice issued Friday, the FDA reclassified the recall to Class I, which is described as the "reasonable probability that the use of, or exposure to, a violative product will cause serious adverse health consequences or death."

The big picture: The rise in recalls can partially be attributed to an increase in consumer demand for ready-to-eat foods and prepackaged meals.

• "We're also dealing with a scenario where we're having increased globalization of food production, which not only creates more opportunities for contamination at multiple points in the supply chain, but it creates more scenarios where there's blind spots," Darin Detwiler, a Northeastern University professor and food safety advocate, told Axios earlier this month.

Zoom in: December FDA food recalls number nearly two dozen as of Dec. 26:

• Jose Madrid Chipotle Con Queso Salsa. Recalled for undeclared Yellow 5 and Yellow 6.
• Taste of Deutschland Frozen Buttered Vegetables, Carrots, Peas, Cauliflower, & Corn. Recalled for undeclared milk.
• Orgain 30g Plant Protein Complete Protein Powder, Chocolate. Recalled because the product may contain undeclared peanuts.
• Lay's Potato Chip. Recalled for potential or undeclared allergen — milk.
• Cal Yee's, Cal Yee Farm, Boa Vista Orchards nut and snack products. Recalled for Potential or Undeclared Allergen — almond, milk, soy, wheat, sesame, and FD&C #6.
• Connie's Thin Crust Cheese Frozen Pizza, 20.36oz. Recalled for potential metal or chemical contaminant.
• VidaSlim Brand 90-day, 30-day and 7-day Original Root, Root Plus, and Root Capsules & VidaSlim Hot Body Brew Dietary Supplements. Recalled for toxic yellow oleander.
• Daily Veggies Enoki Mushrooms. Recalled for potential listeria monocytogenes contamination.
• MadeGood Granola bars. Recalled for potential metal contaminant.
• Borsari Bloody Mary Mix. Recalled for potential or undeclared allergen — soy, fish.
• Dairyland Produce, LLC, whole cucumbers. Recalled for potential salmonella contamination.
• F&S Fresh Foods Mediterranean Inspired Party Tray. Recalled for potential salmonella contamination.
• Fresh Creative Foods, The Beef & Lamb Gyro Sandwich Express Meal Kits. Recalled for potential salmonella contamination.
• Supreme Produce, multiple items with cucumbers. Recalled for potential illness/salmonella contamination.
• Atkinson's Hushpuppies with Onions, Hushpuppies. Recalled due to potential or undeclared allergen — milk.
• Yummi Sushi, multiple sushi products with cucumber. Recalled for potential illness/salmonella contamination.
• Snowfruit, Snowfox, multiple products with cucumbers. Recalled for potential illness/salmonella contamination.
• Marketside cut, cucumber slices. Recalled for potential illness/salmonella contamination.
• Multiple brand names Vegetable Medleys and Whole Organic Carrots. Recalled because of potential foodborne illness — Shiga toxin-producing E. coli (E. coli) O121:H19.
• PAM PAK Whole Fresh American Cucumbers. Recalled because of potential foodborne illness — salmonella.
• Baker Farms Curly Mustard Greens. Recalled because of potential foodborne illness — Listeria monocytogens.
• Crazy Fresh and more, cucumbers and salads with kit. Recalled for potential illness/salmonella contamination.

A full list of recent recalls can be found on the FDA website.

• Matt Phillips is an assistant VP in AT&T's benefits department.
• He shared 5 tips for making the most of your employee benefits.
• He touched on how to avoid redundant dependant coverage and utilizing HSAs.

This as-told-to essay is based on a transcribed conversation with Matt Phillips, 45, the assistant vice president of benefits, health operations at AT&T, from Dallas. Business Insider verified his employment with documentation. The following has been edited for length and clarity.

The benefits enrollment process is a two-way street. My department spends a lot of time on our package, but employees also need to understand and engage with those benefits so they can make the most of them.

I've worked in the HR benefits department at AT&T for over 10 years. We spend a lot of time trying to educate and inform employees on what they need to know about their benefits.

Prior to that, I worked as an actuarial consultant, where I consulted on post-employment benefits, such as pension and retiree health, and also worked for a nonprofit.

Since joining AT&T in 2013, I've worked in multiple areas of our benefits department, including in strategy and in running savings plans. Five years ago, I moved into my current role, overseeing all health and well-being operations.

Here are some of my top tips about benefits enrollment for employees:

1. Ask yourself key healthcare questions and consider virtual options

Asking yourself key questions can help you pick the best health plan during enrollment season.

For example, do you want to pay more or less now for your health plan?

Choosing a high-deductible plan that's cheaper in terms of what comes out of your paycheck exposes you to higher out-of-pocket costs throughout the year. I think a good idea is to pair a plan like this with an additional ancillary medical plan, like a critical illness, hospital indemnity, or accident insurance plan.

For example, my son runs cross country, and in 2022, he fractured his tibia. There were significant costs for urgent care, imaging, and a specialist appointment, but through my accident plan, I got a payment from the insurer to provide more financial security at this time.

Also, virtual care has come a long way. I often hear employees say they don't have time for preventive check-ups with primary care physicians. However, it's possible to establish an ongoing relationship with a primary care physician virtually, so I'd encourage employees to look into virtual benefits options.

This can also include virtual mental health counseling. If you feel you don't have time in your day to go see a therapist or coach, you may be able to do it over the phone.

2. Go beyond a medical plan

I spend a lot of time telling employees not to just focus on their medical plan but to ensure they're taking advantage of all the other benefits available to them.

For example, at AT&T we offer employees a robust legal plan. If you may need to do something like write a will or set up an estate plan, a legal plan can help provide services around that.

My family has also benefited from an elder care planning service under my benefits plan. The company paid for a professional to come and meet with my wife, her cousin, and me about making a plan for caring for my wife's aging aunt.

While you do have to specifically enroll in something like a legal plan, companies may give other benefits to all employees automatically. Our dependant care and mental health benefits are given to all employees without a need for enrollment, for example. Ask the HR or benefits person at your company what you're entitled to that you don't even have to enroll in.

3. Max out your 401(k) contributions and use retirement planning tools

My advice for those thinking about retirement is to make sure you're not leaving any free money on the table.

Look into your company's 401(k) match and make sure you're maxing that out.

Many employers also have a retirement planning tool that can help you. We have an online one where you can say, "I want to retire at this age, I want this much money in retirement," and it helps you build a plan for how much you should contribute to hit that goal by the time you retire.

People should also be thinking about healthcare expenses for retirement. That's likely to become a larger share of your out-of-pocket expenses once you leave a company, especially if you retire before you become Medicare-eligible. Make sure you speak about this with your advisor and think about leveraging a Health Savings Account for that.

You don't lose your HSA when you leave a company. You can contribute tax-free, interest is tax-free, and if you use it on qualified healthcare expenses, it comes out tax-free. Plus, your employer might offer to contribute to or match your HSA contributions as part of a benefits plan.

4. Avoid redundant dependant coverage

When both spouses work and have children, it doesn't make sense to cover the children under both benefits plans. You'll end up paying double out of your paychecks but not necessarily getting double the benefits out of it.

If one parent's insurer agreed to cover or make a payout for a claim, then the other parent's insurer likely wouldn't, on the basis that the family has already received coverage and potentially a payout for the claim. Insuring dependents under both parents' plans could cover potential gaps in one parent's coverage, but it's often not worth it.

Instead, parents should compare potential costs under each plan and pick the best option.

5. Reach out to people in your company who can help you

There's usually someone in your company you can contact to talk about benefits options. If it's not your direct HR person, because you're at a really large company, they will have hired resources to help you. Call that phone number, download that app, or chat with that person.

Your company will hopefully have invested in those resources to help you navigate the process; you just need to reach out and take them.

Are you a professional or consultant with advice for employees to maximize their employment? Email Charissa Cheong at [email protected]

• Ashley Dunham's experience of the festive season changed after she started using a weight loss drug in 2022.
• Semaglutide, one of several appetite suppressing drugs called GLP-1s, helped dampen her "food noise."
• Several of Dunham's family members are also on GLP-1s, and their Thanksgiving food bill is much lower now.

The holiday season used to be conflicting for Ashley Dunham.

It was a joyous time to get together with family and friends over delicious food and drinks. But as someone who wanted to lose weight, navigating that brought internal turmoil and what felt like tests of her willpower.

Between Christmas and Thanksgiving, she expected to gain 15 pounds "just by eating pretty regularly, how I would typically eat for the holiday," she told Business Insider. And then came the grueling diets in January.

Now, everything is different.

In August 2022, Dunham, 33, from St John's, Florida, started taking a compounded form of the buzzy weight loss drug semaglutide (marketed as Ozempic and Wegovy).

The appetite-suppressing medication silenced the "food noise" in Dunham's head, meaning she ate less without trying and no longer felt guilty when she did eat. She also found she had more mental capacity to think about things aside from weight loss.

With family and friends now also on similar medications, known as GLP-1 agonists, Dunham's festive get-togethers have changed drastically, she said.

Her family isn't alone: The KFF Health Tracking Poll estimated in June 2024 that one in eight Americans either take or has taken one of these medications. While the drugs have been game-changing for many, others have experienced negative side effects, such as nausea and constipation that was so bad that they came off them.

Dunham experienced nausea, migraines, and constipation in her first few months on the medication but they faded with time.

Dunham used to gain weight every holiday season

2024 is Dunham's third holiday season on the weight loss drug.

In 2022, the year she started semaglutide, injecting it once a week, she lost 12 pounds between Thanksgiving and Christmas. "I could barely finish my plate," she said.

After 17 months on the medication, Dunham transitioned to what she described as a maintenance dose, which she continues to take every 10 to 14 days. In 2023, she was able to finish her plates of food, but prioritized protein and was satisfied without overindulging. Those on GLP-1s are advised to eat a high-protein diet and regularly exercise, including strength training, to minimize muscle loss.

Before taking semaglutide, Dunham used to tell herself she couldn't have any festive treats and then feel guilty if she did.

Now, she said she can happily go to festive events, enjoy one drink and one cookie, and be satisfied.

"I'm not scared that the cookie is going to have some negative repercussion," Dunham said. "I've lost a lot of the guilt from enjoying the holidays."

Dunham's Thanksgiving food shop was significantly smaller this year

At her Thanksgiving table this year, half the group was on a weight loss medication, Dunham said.

This meant that instead of buying and preparing green beans for 10, for example, Dunham cooked for six to reduce food waste, she said.

Dunham lives with her husband and six-year-old son, and since he started using GLP-1s five months ago, the family's grocery bill has dropped by about 50%, Dunham said.

"On a crazy month, we would typically spend $1,200 or £1,300 on groceries, but now we spend more like $600 or $700," she said.

She no longer makes weight loss New Year's resolutions

Before taking semaglutide, Dunham would resolve to lose weight at the start of every year.

"I don't really recall a year, even when I was in a smaller body, that I didn't have a resolution to lose weight," Dunham said. "Even when I was really skinny, it was always just about losing weight."

At the turn of 2024, for the first time, Dunham decided she no longer needed to.

Dunham said semaglutide has also come with cognitive benefits, such as improved focus. Her goals were to read more books and achieve things that had nothing to do with her weight, food, or calories.

"It was so freeing," Dunham said, "and a little jarring too because when your life no longer revolves around your weight, you have so much more brain space to actually achieve for your greater good, and even the greater good of society. Who knows?"

• The AI computing market may shift in 2025, opening opportunities for smaller companies.
• Nvidia dominates AI computing. Evolving workloads could benefit competitors.
• Companies like Groq, Positron, and SambaNova focus on inference to challenge Nvidia's market hold.

In 2025, the tides may turn for companies hoping to compete with the $3 trillion gorilla in AI computing.

Nvidia holds an estimated 90% of the market share for AI computing. Still, as the use of AI grows, workloads are expected to change, and this evolution may give companies with competitive hardware an opening.

In 2024, the majority of AI compute spend shifted to inference, Thomas Sohmers, CEO of chip startup Positron AI, told BI. This will "continue to grow on what looks like an exponential curve," he added.

In AI, inference is the computation needed to produce the response to a user's query or request. The computing required to teach the model the knowledge needed to answer is called "training." Creating OpenAI's image generation platform Sora, for example, represents training. Each user who instructs it to create an image represents an inference workload.

OpenAI's other models have Sohmers and others excited about the growth in computing needs in 2025.

OpenAI's o1 and o3, Google's Gemini 2.0 Flash Thinking, and a handful of other AI models use more compute-intensive strategies to improve results after training. These strategies are often called inference-time computing, chain-of-thought, chain-of-reasoning, or reasoning models.

Simply put, if the models think more before they answer, the responses are better. That thinking comes at a cost of time and money.

The startups vying for some of Nvidia's market share are attempting to optimize one or both.

Nvidia already benefits from these innovations, CEO Jensen Huang said on the company's November earnings call. Huang's wannabe competitors are betting that in 2025, new post-training strategies for AI will benefit all purveyors of inference chips.

Business Insider spoke to three challengers about their hopes and expectations for 2025. Here are their New Year's resolutions.

What's one thing within your control that could make 2025 a big year for alternative chips?

Mark Heaps, chief technology evangelist, Groq:

"Execution, execution, execution. Right now, everybody at Groq has decided not to take a holiday break this year. Everyone is executing and building the systems. We are all making sure that we deliver to the opportunity that we've got because that is in our control.

I tell everyone our funnel right now is carbonated and bubbling over. It's unbelievable, the amount of customer interest. We have to build more systems, and we have to stand up those systems so we can serve the demand that we've got. We want to serve all those customers. We want to increase rate limits for everybody."

Rodrigo Liang, CEO, SambaNova Systems:

"For SambaNova, the most critical factor is executing on the shift from training to inference. The industry is moving rapidly toward real-time applications, and inference workloads are becoming the lion's share of AI demand. Our focus is on ensuring our technology enables enterprises to scale efficiently and sustainably."

Thomas Sohmers, CEO, Positron:

"My belief is if we can actually deploy enough compute — which thankfully I think we can from a supply chain perspective — by deploying significantly more inference-specific compute, we're going to be able to grow the adoption rate of 'chain of thoughts' and other inference-additional compute."

What's one thing you're hoping for that's not in your control for 2025?

Heaps:

"It's about customers recognizing that there are novel advancements against incumbent technologies. There's a lot of folks that have told us, 'We like what you have, but to use the old adage and rephrase it: No one ever got fired for buying from — insert incumbent.'

But we know that it's starting to boil up. People are realizing it's hard for them to get chips from the incumbent, and it's also not as performant as Groq is. So my wish would be that people are willing to take that chance and actually look to some of these new technologies."

Liang:

"If I had a magic wand, I'd address the power challenges around deploying AI. Today, most of the market is stuck using power-hungry hardware that wasn't designed for inference at scale. The result is an unsustainable approach — economically and environmentally.

At SambaNova, we've proven there's a better way. Our architecture consumes 10 times less power, making it possible for enterprises to deploy AI systems that meet their goals without blowing past their power budgets or carbon targets. I'd like to see the market move faster toward adopting technologies that prioritize efficiency and sustainability — because that's how we ensure AI can scale globally without overwhelming the infrastructure that supports it."

Sohmers:

"I would like people to actually adopt these chain of thought capabilities at the fastest rate possible. I think that is a huge shift — from a capabilities perspective. You have 8 billion parameter models surpassing 70 billion parameter models. So I'm trying to do everything I can to make that happen."

What's your New Year's resolution?

Heaps:

"In the last six months, I've gone to a number of hackathons, and I've met developers. It's deeply inspiring. So my New Year's resolution is to try to amplify the signal of the good that people are doing with AI."

Liang:

"Making time for music. Playing guitar is something I've always loved, and I would love to get back into it. Music has this incredible way of clearing the mind and sparking creativity, which I find invaluable as we work to bring SambaNova's AI to new corners of the globe."

Sohmers:

I want to do as much to encourage the usage of these new tools to help, you know, my mom. Part of the reason I got into technology was because I wanted to see these tools lift up people to be able to do more with their time — to learn everything that they want beyond whatever job they're in. I think that bringing the cost down of these things will enable that proliferation.

I also personally want to see and try to use more of these things outside of my just work context because I've been obsessively using the o1 Pro model for the past few weeks, and it's been amazing for my personal work. But when I gave access to my mom what she would do with it was pretty interesting — those sort of normal, everyday person tasks for these things where it truly is being an assistant."

• Navigating a career can be challenging, especially at the start.
• BI asked senior Wall Street leaders for their best pieces of advice for climbing the ranks.
• Interviewees hold top positions at Goldman Sachs, JPMorgan, BlackRock, and more.

What does it take to get to the top? Well, who better to ask than those who are already there?

Navigating a career can be challenging, especially in a rapidly changing economy. But those in senior leadership roles on Wall Street have cracked that code, climbing the ranks through their decades of experience.

Because these top Wall Street money managers, economists, and strategists are among those best-positioned to offer career advice, BI asked them in recent interviews for the top pieces of wisdom they would pass along to those just starting out.

David Kostin, chief US equity strategist at Goldman Sachs

Takeaway: Prioritize going to the office

"Show up in the office," Kostin said. "I can't imagine how a young person is going to actually absorb all the dimensionality of what's happening in the client relationships and with their work and colleagues and not be in the office."

Kostin's advice is simple, but it comes at a time when a massive debate is raging about various companies' RTO policies. In Kostin's view, working in person is critical to developing your career early on.

Mike Wilson, CIO and chief US equity strategist at Morgan Stanley

Takeaway: Bet on yourself, and be OK with being wrong

"You've got to be willing to go take a stand on stuff, whether it's in a meeting, with people you report to, pointing out things that you don't agree with, kind of making a firm stance," Wilson said.

Wilson says this boils down to being open to taking on "personal risk," or the chance that the argument you're making could be wrong — or right.

"On Wall Street, personal risk often means taking contrarian views because that's where the real money is made and accepting the idea that you're going to be wrong along the way. I think ultimately how you deal with those consequences will determine whether you're successful or not," he added.

Rick Rieder, CIO of global fixed income at BlackRock

Takeaway: Understand how technology is trending

As the biggest firms in the world pour money into AI development, Rieder said that those who are early in their careers should think about how the economy might look in the years ahead as robotics and AI increasingly augment our lives.

"I think the world's changing faster than anybody really recognizes," Rieder, who oversees $3 trillion, said.

"For young people today, understand where that's going to happen and how you take advantage of that — I think it's a really, really big deal," he continued. "I think we've left status quo, and we're moving to a whole new era."

Anna Wong, chief US economist at Bloomberg Economics

Takeaway: Be curious despite consensus, and come to a conclusion only after stress-testing it

"Constantly being curious, even if there might not be an obvious payoff to it," Wong, who previously worked at the Federal Reserve, said for her first piece of advice. "If investing is about finding what the market has not priced in, then what people have not priced in usually are in the details. For me, I have learned to be attuned to that little voice inside my head that sounds a tiny alarm in cases where I am about to make some broad assumptions."

Second, when it comes to forecasting, Wong said to consider if a conclusion is still valid after considering multiple arguments and points of view.

"The way I decide on whether to make an out-of-consensus call is to see whether it's possible to arrive at a forecast in many different ways," she said. "Most times I take as the forecast the middle of those ways — and that could at times be totally out of consensus, and at times be smack in the middle of consensus."

One of Wong's current out-of-consensus calls is that there's a 60% chance the US economy is headed toward or already in a recession.

Michael Feroli, chief US economist at JPMorgan

Takeaway: Treat every job as a learning opportunity, even if it's not what you see yourself doing long-term

Landing your dream job at the very start of your professional life is a rare occurrence. More often than not, you may find yourself at a job that isn't a great fit or isn't aligned with your long-term goals.

However, there's a lot to be learned while figuring out your career. "Do your hardest at the job you're currently at, even if it's not the job you love," Feroli said. "Whatever you're doing now will help you get to where you want to be."

Rob Arnott, founder of Research Affiliates

Takeaway: Enjoy what you do, and challenge widely accepted beliefs

"First piece of advice: Do what you love," Arnott said. "Because if you don't do what you love, you probably won't be very good at it. And if you do what you love, you're going to have fun even if you're not wildly successful."

He continued: "Second: Never accept conventional wisdom as true. Always be curious. I've made a career out of listening to conventional wisdom and thinking, 'Gosh, has anyone tested that?' And I go and test it, and half the time it turns out to be true — and fine — and half the time it turns out to be a myth."

Invesco, PIMCO, and Charles Schwab all use Arnott's alternative indexes as the bases of various mutual funds and ETFs they offer. Arnott recently told BI that market consensus around AI could be too bullish, and large-cap growth stocks may be in for a rough patch.

Wei Li, global chief investment strategist at BlackRock

Takeaway: Take time to explore interests outside of work

It may seem counterintuitive, but the key to Li's career success has been making time for new experiences outside work.

"Don't only spend time on the things immediately useful to you in your seat right now," Li said. "The world is so unpredictable. Other things you could absorb may end up being helpful to you in ways that you don't even know."

Hobbies that she's picked up over the years, such as learning about cryptocurrency or studying Italian, have opened doors in her life that she could not have foreseen.

Li believes having diverse experiences is especially important in a post-AI world: "These days, I really force myself to experience things that have nothing to do with my job because it trains my brain in ways that my job doesn't. Who knows, it could become useful in the future and in an environment where we just don't know where the future is," she said.

• Institutionalization was one of the biggest themes in hedge funds this year.
• A once-scrappy industry is starting to resemble private equity and venture capital.
• The biggest firms and new launches have evolved significantly from the days of a couple of guys and a Bloomberg.

The game has changed.

Hedge funds, led by the industry's biggest names who set the agenda for the multi-trillion-dollar sector, were once known for their scrappiness, speed, and reliance on the brains and vision of their founders.

Now, as the industry's investor base has shifted to long-term institutions from wealthy families and small funds-of-funds, hedge funds have become institutions of their own. 2024 may be the turning point for the space that, in 10 years' time, industry observers will look back on as the beginning of the next era.

The biggest managers in the space are preparing for life beyond their founders, long-standing funds are becoming more formulaic and bureaucratic, and new entrants need to raise more money than ever before.

Multistrategy managers like Millennium, Citadel, and Point72 have long been moving in this direction, but recent moves by each of the firms' founders point to a world in which these giants outlast their larger-than-life leaders.

Ken Griffin, Citadel's billionaire founder, said in November that he would be open to selling a stake in his $66 billion Miami-based asset manager. Millennium and the world's largest asset manager BlackRock have reportedly had talks about the latter taking a stake in the former.

Both firms are set to outlast their founders, with built-out infrastructure and leadership teams littered with former Goldman Sachs partners. $72 billion Millennium, for example, created the office of the CIO in late 2022 and promoted longtime executive Ajay Nagpal to president, providing investors with a clear line into the next level of leadership beyond founder Izzy Englander.

The legendary founder of $35 billion Point72, meanwhile, has stepped away from trading his own book of stocks, which is how he burst onto the scene decades ago.

While Steve Cohen spends plenty of time and money on the baseball team he owns, the New York Mets, a person close to the firm said the decision to step back from running a book was not an indication that he's spending any less time working at his manager.

In a recent internal town hall, this person said, he described no longer having a book under his purview as "freeing" as he can spend more time on strategic initiatives for the firm. Without a portfolio to manage, the market's hours no longer dictate Cohen's schedule — a flexibility he appreciates as he balances running the manager and his baseball team.

For example, in mid-October, Cohen was set to appear on a panel at investment consultant Albourne Partners' annual conference in New York, but canceled because the Mets had gone on a run in the playoffs, people familiar with the event told Business Insider.

Succession, quality launches, and a promising environment

Beyond the main multistrategy names, a number of long-running firms across the industry are, structurally, starting to look more like peers in private equity than smaller rivals in the hedge fund space.

Places like Elliott Management centralized decision-making and created more internal structure, which has frustrated some veterans of Paul Singer's asset manager but provides the needed hierarchy.

Meanwhile, firms like Two Sigma and Bridgewater have officially moved on from their founders with new leadership. Brevan Howard's billionaire founder Alan Howard no longer trades for his firm.

At the other end of the industry, the bar for new launches has increased substantially, and the next generation of industry leaders are starting the firms with a much more institutional feel than even five years ago. Bobby Jain's $5.3 billion launch in July, for example, had plenty of big-name hires and titles right from the start.

In 2023, the average fund launched with $300 million, according to Goldman Sachs' prime brokerage division. PivotalPath, the industry data tracker run by Jon Caplis, said in an end-of-year report that it expects 2024 to be similar, driven by the increase of multi-managers allocating externally.

It's been driven by a focus from allocators on "quality" launches, PivotalPath's report states; the firm is tracking 145 new funds launching between the start of 2024 and the second quarter of 2025 with founders who come from funds with more than $1 billion.

If you're able to command enough capital — either from a platform like Millennium or big allocators like pensions, sovereign wealth funds, and endowments — it should be worth it. Longtime industry players and investors believe it is shaping up to be a strong period for the industry thanks to increased volatility that will allow actively managed investment firms to shine.

"Our underlying hedge fund managers are active, fundamental stock pickers who seek to identify the best opportunities and offer differentiated exposure," wrote New York-based fund-of-funds Old Farm Partners in a recent note that focused on why active management should shine in the coming years.

"Given the argument that we have laid out in this paper, we think the current market backdrop should provide a favorable setup for our strategy going forward."